Verge (XVG) was once a popular crypto but it had lost relevancy, until now. The token has rallied by 39.7% in the last 24 hours. Moreover, it has gained 305.9% over the previous two weeks. It is also up by 108.2% on the yearly charts.
According to Santiment, Verge’s market cap more than tripled in 48 hours, accounting for more than a 209% increase. The crypto analysis platform noted that XVG is currently at the top of its trending list. However, the firm cautioned users to “watch for the FOMO effect.”
Verge’s market cap has reached $102.5 million and it is currently ranked 258th on CoinGecko. However, is the project really sustainable? Let’s find out.
Will the ‘dead’ crypto continue moving forward?
Verge has been in the crypto spotlight in the past but for all the wrong reasons. The project was once a victim of a “51% attack,” which led to a whopping 560,000+ block reorganization. Moreover, certain whales have also used the project for pump and dump schemes. Some critics go so far as to say that Verge’s devoted and enthusiastic community is the main factor in its survival. However, the recent rally is not supported by any real development. Therefore, it is possible that the whales are at it again. XVG could see a massive correction in the near future.
The most recent increase in Verge’s price is comparable to the coin’s emergence in May 2021, when it broke the main bear market down-trendline with a staggering 200% spike in just two weeks. Although the bulls appear to be in charge of the crypto market as a whole, it is important to proceed with measured steps when such rapid development occurs. The present jump might be the product of market manipulation by whales looking to sell off their holdings, who would then profit from the higher trading volume and price.